There are six stocks that hedge funds and mutual funds are both overweight - and SpaceX is one

By Steve Goldstein

Hedge funds and mutual funds both have overweight positions in SpaceX, according to a Goldman Sachs analysis of 13-F filings.

SpaceX, trading at 93 times next year's estimated earnings, hardly seems the stock to unite short-term-focused hedge-fund managers and longer-term-oriented mutual-fund managers.

Yet according to Goldman Sachs's exhaustive look at $10 trillion in stock-market positions through 13-F filings with the U.S. Securities and Exchange Commission, SpaceX (SPCX) is one of six stocks that both sets of portfolio managers have overweight positions in, relative to the S&P 500.

SpaceX went public on June 12, near the end of the second quarter, which the 13-F filings tracked.

The others: Boeing (BA), Capital One Financial (COF), Mastercard (MA), Thermo Fisher Scientific (TMO) and Visa (V).

It's an odd grouping but one that's handily outperformed the S&P 500 SPX this year, rising 29% versus 16% for the index, according to Goldman's calculations.

Goldman strategists led by Ben Snider say such "shared favorites" have since 2013 delivered an annual return of 17%, though they tend to be both volatile and trade at bigger price-to-earnings premiums.

These particular six stocks don't have much in common, even if two - Visa and Mastercard - operate in a near-duopoly in the global payments processing market, while Boeing is in a near-duopoly with France's Airbus (FR:AIR) in civil aviation.

Despite its heady valuation, SpaceX is the dominant player in both reusable commercial rockets and global satellite internet.

The Goldman analysis found that hedge funds were more exposed to stocks benefiting from artificial intelligence, while both sets of managers are overweight the financial sector XLF, for only the third time since Goldman started tracking that.

-Steve Goldstein

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08-24-26 0837ET